17 May 2009
Notice period is pay of any Employee hired by a compnay immediatly & compensating the other company notice from employee .This is pers. cost
18 May 2009
Notice pay is Paid by co to employee for immediate termination or dismissal
Notice pay also collected from employee by the co for immidiate releaving from service on resignation of a employee, otherwise employee has to work for the co for one month or as specified in the terms of employment, from the date of resignation and during this period employee is getting his salary
If company is paying notice period salary , it is to be debited to salary a/c
If Company is collectiong notice pay , same should be credited to salary a/c
CAclubindia
